The annual rate of house price inflation has slowed to its lowest level of growth in just over three years, according to the latest figures from the Central Statistics Office (CSO).
The Residential Property Price Index increased by 0.9% in the 12 months to August 2023.
While prices outside Dublin are up by 3.1% in that period, property prices in the capital are now falling at a rate of 1.9% which is the sharpest rate of the decline since 2012.
On a monthly basis, prices nationally rose by 0.3%, down from 0.4% in July.
The softening of price growth and the decline in Dublin property prices comes on the back of nine consecutive interest rate increase from the European Central Bank which has made it more expensive for buyers to borrow. Despite this house prices are transactions continue to hold up well.
In the 12 months to August 2023, house prices in Dublin fell by 2.3% while apartment prices were down by 0.2%. The highest house price growth in Dublin was in Fingal at 0.2%, while Dún Laoghaire-Rathdown saw a decline of 3.9%.
Outside Dublin, house prices were up by 3.1% and apartment prices grew by 1.8%. The region outside of Dublin that saw the largest rise in house prices was the South-West (Cork, Kerry) at 4.4%, while at the other end of the scale, the Midlands region (Laois, Longford, Offaly, Westmeath) and the West region (Galway, Mayo, Roscommon) both saw a 2.1% rise.
In August 2023, 4,640 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 8% compared with the 4,295 purchases in August 2022.
Households paid a median or mid-point price of €320,000 for a residential property in the 12 months to August 2023. The lowest median price paid for a dwelling was €159,750 in Longford, while the highest was €634,919 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the 12 months to August 2023 was A94 'Blackrock' with a median price of €735,000, while F45 'Castlerea' had the least expensive price of €135,000.